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SmarTrend(R) News Watch: MGM Mirage And Dubai World Come To Agreement Over CityCenter
[April 29, 2009]

SmarTrend(R) News Watch: MGM Mirage And Dubai World Come To Agreement Over CityCenter


Apr 29, 2009 (SmarTrend(R) News Watch via COMTEX) -- After a month of heated debate, embattled MGM Mirage (NYSE:MGM) and Dubai World announced that they had come to terms with their lenders over a revised agreement regarding their joint-venture of the CityCenter, an $8 billion development, enabling the massive project to be completed. According to details of their agreement, MGM Mirage (NYSE:MGM) and Dubai World will fund their respective remaining parts of construction of the CityCenter through credit, while various lenders already involved will provide sufficient capital for a $1.8 billion senior secured credit facility. In addition, Dubai World said it will drop its mismanagement lawsuit against MGM that was filed in March.



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